CAMBRIDGE, MA—Priya Singhal, the Head of Development at Biogen Inc. (NASDAQ:BIIB), has recently sold shares of the company, according to a recent SEC filing. On December 9, Singhal sold 110 shares of Biogen's common stock at a price of $157.21 per share, totaling $17,293. The transaction comes as Biogen, a $22.8 billion biotechnology company with a "GOOD" InvestingPro Financial Health score, trades near its 52-week low of $153.62.
Earlier in the month, on December 6, Singhal also exercised options to acquire 426 shares of common stock, which were acquired at no cost as part of a restricted stock unit award. Additionally, on the same day, 206 shares were disposed of to cover tax obligations, valued at $157.78 per share, totaling $32,502.
These transactions reflect Singhal's ongoing management of her equity holdings in Biogen, a leading biotechnology company headquartered in Cambridge, Massachusetts.
In other recent news, Biogen Inc. faces a mixture of upgrades, downgrades, and price target adjustments from various financial firms. Jefferies downgraded the company's stock from Buy to Hold, citing concerns including modest expectations for the Alzheimer's treatment, Leqembi, and a potential 50%+ step down in Ocrevus royalties by 2030 due to biosimilar approval. Conversely, Baird increased its price target for Biogen to $300, following a positive recommendation for the Alzheimer's drug, lecanemab, from the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP).
Further, Citi initiated coverage on Biogen with a neutral rating and a $190 price target, while TD (TSX:TD) Cowen maintained a Buy rating but lowered the price target to $275. These adjustments were based on the company's recent financial performance and future projections.
These recent developments come amid Biogen's focus on strategic growth and innovative product development, with potential peak sales for its pipeline estimated at $14 billion, including drugs such as dapirolizumab and felzartamab. Despite facing challenges, the company's commitment to sustainable growth and pipeline expansion remains evident.
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